ExodusPoint Capital Management LP Has $15.53 Million Holdings in Brown & Brown, Inc. $BRO

Key Points

• ExodusPoint Capital Management increased its stake in Brown & Brown by 122.2% in the fourth quarter, ending with 194,797 shares worth about $15.5 million.
• Wall Street sentiment is cautious: analysts currently rate BRO a consensus “Hold”, with five Buy ratings and fourteen Hold ratings, and an average target price of $78.44.
• Brown & Brown beat quarterly expectations, reporting EPS of $1.39 on revenue of $1.90 billion, while also paying a quarterly dividend of $0.165 per share for a 1.1% annualized yield.

ExodusPoint Capital Management LP boosted its position in Brown & Brown, Inc. (NYSE:BRO - Free Report) by 122.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 194,797 shares of the financial services provider's stock after buying an additional 107,147 shares during the quarter. ExodusPoint Capital Management LP owned approximately 0.06% of Brown & Brown worth $15,525,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BRO. Basepoint Wealth LLC acquired a new position in Brown & Brown in the 4th quarter valued at $27,000. Darwin Wealth Management LLC acquired a new position in Brown & Brown in the 2nd quarter valued at $30,000. Board of the Pension Protection Fund acquired a new position in Brown & Brown in the 4th quarter valued at $40,000. Maseco LLP acquired a new position in Brown & Brown in the 4th quarter valued at $60,000. Finally, eCIO Inc. acquired a new position in Brown & Brown in the 4th quarter valued at $67,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BRO shares. The Goldman Sachs Group lowered their target price on shares of Brown & Brown from $82.00 to $73.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 8th. Citizens Jmp assumed coverage on shares of Brown & Brown in a report on Thursday, May 21st. They issued a "market outperform" rating and a $70.00 price target for the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Brown & Brown in a report on Tuesday, June 9th. Royal Bank Of Canada reduced their price target on shares of Brown & Brown from $76.00 to $72.00 and set a "sector perform" rating for the company in a report on Wednesday, April 29th. Finally, Morgan Stanley reduced their price target on shares of Brown & Brown from $65.00 to $60.00 and set an "equal weight" rating for the company in a report on Thursday, May 21st. Five equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat.com, Brown & Brown presently has a consensus rating of "Hold" and an average target price of $78.44.

Insider Activity at Brown & Brown

In other Brown & Brown news, Director H Palmer Proctor, Jr. acquired 2,000 shares of Brown & Brown stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $57.10 per share, with a total value of $114,200.00. Following the acquisition, the director owned 47,621 shares of the company's stock, valued at approximately $2,719,159.10. The trade was a 4.38% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 13.13% of the company's stock.

Brown & Brown Price Performance

NYSE:BRO opened at $59.66 on Wednesday. The company has a 50-day moving average of $60.85 and a 200-day moving average of $69.49. The company has a market capitalization of $20.22 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 2.73 and a beta of 0.63. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $111.10. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.64 and a current ratio of 1.64.

Brown & Brown (NYSE:BRO - Get Free Report) last released its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.89 billion. Brown & Brown had a net margin of 17.94% and a return on equity of 12.94%. The firm's revenue for the quarter was up 35.4% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 4.51 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Stockholders of record on Monday, May 11th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, May 11th. Brown & Brown's dividend payout ratio (DPR) is presently 21.22%.

Brown & Brown Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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